It is common knowledge that hiring an attorney can be expensive. Sadly, because of this, many small businesses choose not to have legal counsel in attempts to save money. This can hurt them in the long run and can actually cost them more if they get sued. For this reason, it is important that small businesses have an attorney that they use to handle their legal needs. Here are a couple ways that you can save money when hiring a corporate attorney, such as Strauss Troy.
Pay A Retainer
There are a couple different ways to use an attorney. You can either pay them up front, which is called a retainer, or you can have them bill you later. In most cases it is better to pay them a retainer at the beginning. When you pay them up front the attorney will draw from this account when they do work for your company. Otherwise the retainer money will stay in a separate account that they cannot access. Many attorneys will give you a better deal on their hourly rate if you pay up front. This is because it saves them time and effort in billing and collections. Although it may seem hard to cough up the money at the beginning, it will be worth it.
Talk To The Attorney Before You Make Any Legal Decisions
Have you ever heard the phrase "it is easier to ask for forgiveness than permission"? This idea may work when borrowing the car from your parents, but it is not the case in legal matters. If you let something go as far as a lawsuit you will pay a great deal of money in legal fees. You have to pay for filing fees, litigation fees, negotiations and a settlement for the other party. Instead, it is better to make sure all of the kinks are worked out before you do anything.
For example, any contract that you sign for your business should be looked over by an attorney. You might pay the lawyer a hundred dollars to fix your contract, or you might pay thousands of dollars in a lawsuit. The best businesses understand that prevention is key when it comes to legal matters. Thus, if you have a good corporate attorney on retainer you can be sure that you are protecting yourself from any expensive lawsuits.
The smartest companies have an attorney that they use often and preemptively. If you don't already have a corporate attorney that you use, get one now!Share
27 January 2015
People with an eye for property can make a great deal of money buying a house, fixing it up and then selling it for a profit. However, there are many legal issues involved in this kind of pursuit. I am an attorney with experience in real estate, and I have helped many clients learn the legal details involved in flipping property. This blog will help you understand what you need to know when you are buying and selling a home as well as information about paying taxes on money made and property owned. Flipping houses can be a very profitable activity as long as you know how to do it legally.